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Shares of EnteroMedics Inc (NASDAQ:ETRM), a nano-cap medical device company that uses neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders, fell more than 28 percent early Tuesday morning, after soaring 30 percent the day before.
The large sell-off in EnteroMedics' stock came after the company reported its earnings for the three-month period ending March 31, 2017, and an overview of its recent commercialization and corporate achievements.
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During the quarter, the company reported sales of $40,000 with gross profits totaling $11,000. Net loss for the quarter totaled $7.4 million while the company ended the period with cash, cash equivalents and short-term investments of $18.7 million.
Dan Gladney, EnteroMedics' CEO, said in the company's press release that during the quarter it resumed its vBlock Therapy commercial operations and expects sales to "pick up" through the rest of the year. The executive added that it has also secured strategic partners and continues to build third-party validation for vBlock Therapy as a "proven, non-anatomy altering and long-term treatment for obesity and related co-morbidities."Gladney also added that the company boasts a "strong" balance sheet and has the right strategy and team in place to realize the full potential of vBloc.
At last check, shares of EnteroMedics were down 20.08 percent at $4.88.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.